Final settlement question

[cceasy]

Hi all,

I just wanted to know if this is possible. My dad is finally in the process of putting his house up for auction. He lacks the English skills and is also not confident so I always take care of that stuff. he plans on buying an investment property and retiring of the rent while living with us. Now it would be me that will be looking and taking care of the purchase of the next property. The current house is fully paid off.

The question is, upon settlement can the cheque be put under my name or does it have to be his?

 

[wylie]

Why wouldn't he keep the house he plans on auctioning and rent that out? He would save tens of thousands in selling fees, stamp duty for the new purchase and if it is fully paid off, he just reels in the cash?

 

[cceasy]

a number of reasons but the most important was it was my mums wish that it be sold...

 

[Terry_w]

Your dad can direct the funds to be paid to anyone at settlement.

But there are consequences, including:
1. asset protection
2. centrelink payments
3. estate plannning

seek legal advice on the ramifications...

 

[cceasy]

Your dad can direct the funds to be paid to anyone at settlement.

But there are consequences, including:
1. asset protection
2. centrelink payments
3. estate plannning

seek legal advice on the ramifications...

Thanks Terry... didn't think of that stuff